(Adds more details, comments from acting CEO, board member)
DUBAI Feb 3 Dana Gas, the Abu
Dhabi-listed energy firm which defaulted on an Islamic bond,
said on Sunday its full-year net profit for 2012 rose 20 percent
on the back of higher oil prices and lower costs.
Dana's 2012 net profit rose to $165 million from the $138
million it posted in 2011, the company said in a statement.
The company, hit by delays on payments for its supplies of
natural gas to Egypt and Iraq's Kurdistan region, reached an
agreement with creditors in December to amend terms of a $920
million Islamic bond, which it had failed to pay at maturity in
"With the agreement with the sukuk-holders announced, the
focus now is on receivables collection, boosting the management
team, and realising the value of the assets through an
international listing," Crescent Chief Executive Majid Jafar,
who is also a board member of Dana, told Reuters by phone.
Dana, in which Crescent Petroleum has a 20 percent stake,
said it collected $301 million from its share of receivables in
Egypt and Kurdistan region of Iraq in 2012.
The company's cash balance rose by 47 percent to $165
million by the end of last year, while total assets reached $3.5
billion at the end of Dec.
Dana Gas, which has operations in the UAE, Egypt and
Kurdistan, made quarterly profit of 114 million dirhams,
according to Reuters calculations. It had profit of 147 million
dirhams in the year-ago period.
"We are now preparing to develop our three recent
discoveries in Egypt and the Zora offshore gas field in the UAE.
These projects will enable us to boost the growth that our
operations have achieved consistently over the past seven
years," said Rashid Al-Jarwan, executive director and acting
chief executive officer of Dana Gas.
Dana shares now trade up 2 percent at 0.5 dirhams.
(Reporting by Mirna Sleiman, Editing by Dinesh Nair and Sanjeev